Stock Market updates: Sensex ends 695 pts higher, Nifty nears 17,800; banking stocks top gainers

The benchmark indices ended higher yesterday as market participants reacted positively to the announcements made by Finance Minister Nirmala Sitharaman in Union Budget 2022.
 
Sensex and Nifty ended the day in the green after Finance Minister Nirmala Sitharaman's fourth consecutive Budget speech. Sensex ended 848 points higher at 58,862 and Nifty rose 237 points to 17,576.

Here's a look at the latest updates of the market action on BSE and NSE today.

3: 40 pm: Market ends in green for third straight session

Sensex closes 695 pts higher at 59,558 and Nifty gains 203 points to 17,780.

3: 28 PM: Jubilant Food net profit rises 9.8% in Q3

Jubilant Foodworks Ltd (JBL), which operates fast-food chains Domino's Pizza and Dunkin' Donuts, reported a 9.8 per cent year-on-year (YoY) rise in net profit at Rs 137.3 crore.

The company's revenue from operations grew 12.9 per cent to Rs 1,193.5 crore on the back of an improved recovery in dine-in channel, which was well supported by a continued strong momentum in delivery channel. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 13.9 per cent to Rs 317.4 crore.

3:20 pm: Expert quote on Budget 2022-23

Sunil Agarwal, Director, Vinod Cookware said, "At a stage when India is recuperating from the Covid-19 crisis, the budget struck a fine balance between budgetary retreat and economic revival. The government has reaffirmed its commitment to the country's digital development. While the government did not raise any direct taxes, as the market dreads, there has also not been any cushion provided for retail or e-commerce industries.  Apart from providing the groundwork for a substantial economic boost, the budget appropriately addresses the important pillars of health and well-being, human capital, innovation, and research and development. Adding to this last point, the government's commitment to the introduction of a digital rupee over blockchain by 2023-24 is being looked at as a progressive step for the economy."

2: 50 pm:Adani Wilmar IPO allotment on January 3

The allotment of shares for Adani Wilmar IPO will be done tomorrow. The initial public offer (IPO) of Adani Wilmar was subscribed over 17 times on the last and final day of the bidding process on Monday.

2:30 pm: Budget lacks structural reform announcements: Fitch    

India's budget for the fiscal beginning April focuses on giving a boost to the ongoing economic recovery through a sharp increase in capex spending but is short on major growth-enhancing structural reform announcements, Fitch Ratings said Wednesday.

2: 03 pm: Market update

 Market extends gains in noon session. Sensex rises 638 points to 59,500 and Nifty zooms 187 points to 17,764.

 2:00 PM: HDFC net profit rises 11% in Q3

Mortgage lender Housing Development Finance Corporation (HDFC) posted a 11.44% rise in Q3 net profit at Rs 3,260.69 crore against a profit of Rs 2,925.83 crore in the corresposnding quarter last year.

1: 42 pm: Vodafone Idea share rises 11%

Vodafone Idea share rises 11% after the telco said Care Ratings Limited (CARE), has upgraded its rating on long term bank facilities and non-convertible debentures for Vodafone Idea (Vi) to "Stable" outlook.

1: 36 pm: Govt may sell 5% stake for Rs 65,000-75,000 crore in LIC IPO

1:20 pm: Expert quote on Budget 2022-23

Diwakar Kumar, Managing Director, Nutriagrotech Pvt Ltd said, "Budget 2022 has rightly introduced Kisan drones that seems to create an usher flow of technology in the agri-tech sector. In another interesting development, a fund with combined capital was also announced under NABARD. We are also happy to see the announcement of Chemical-free natural farming which will help for exports as well as health across our country."

12: 45 pm: Maruti Suzuki stock flat as production rises marginally in Jan

The stock of country's largest carmaker Maruti Suzuki India was trading flat at Rs 8,498 as the firm logged a marginal year-on-year increase of 408 units in January production volume owing to the shortage of electronic components.

The auto major reported total production of 1,61,383 units in January 2022 as compared with 160,975 units in January 2020.

"The shortage of electronic components had a minor impact on the production of vehicles during the month," it noted.

12:20 am: Sensex gains 500 points

The benchmark indices were trading higher on Wednesday. Sensex was trading 560 points higher at 59,462. Nifty also jumped 155 points to 17,732.

11:30 am: Rupee gains 11 paise to 74.71

The Rupee appreciated 11 paise to 74.71 against the U.S. dollar in the opening trade on February 2, supported by positive domestic equities and weak American currency.

At the interbank foreign exchange, the Rupee opened at 74.76 against the American dollar, then inched higher to quote 74.71, registering a rise of 11 paise from the last close.

11:00 am: Tech Mahindra shares tank 4% post Q3 earnings

Shares of Tech Mahindra declined 4.19 per cent in early trade to hit an intraday low of Rs 1443.95 on BSE after the company posted its earnings for the quarter ended December 2021.

The company reported a 4.5 per cent year-on-year (YoY) rise in its consolidated net profit for the October-December quarter at Rs 1,369 crore. On a quarter-on-quarter (QoQ) basis, profit was higher by 2.2 per cent.
 

10:30 am: Maruti Suzuki shares in focus

Maruti Suzuki's production volume increases YoY to 1,61,383 units in January

The country's largest carmaker Maruti Suzuki India witnessed a marginal year-on-year increase of 408 units in January production volume owing to the shortage of electronic components.

In a regulatory filing, the auto major reported total production of 1,61,383 units in January 2022 as compared with 160,975 units in January 2020.

"The shortage of electronic components had a minor impact on the production of vehicles during the month," it noted.

10:00 am: VIP Industries shares zoom 7%

Shares of VIP Industries zoomed over 7 per cent after the company reported a strong set of numbers for the quarter ended December 2021.

The company posted consolidated profit at Rs 33.47 crore in Q3 against a loss of Rs 7 crore in Q3FY21. Revenue rose to Rs 397.34 crore in the last quarter from Rs 232.53 crore YoY.

9:16 am: Market opening

The benchmark indices opened higher a day after Budget 2022. At 09:16 hours, the 30-share BSE index was trading 477 points higher at 59,339.85, and the broader NSE Nifty was up 136 points to 17,713.55.

ITC was the top gainer in the Sensex pack, advancing over 2 per cent, followed by Kotak Mahindra Bank, Axis Bank, Bajaj Finance and Power Grid.

Tech Mahindra and Sun Pharma were among the top losers.

9:05am: Pre-market comment by Mohit Nigam, Head - PMS, Hem Securities 

Benchmark Indices are expected to open on a positive note as suggested by trends on SGX nifty. US markets closed in green yesterday. On the other side European markets are also giving positive signals. The majority of the Asian markets are also trading in green. 

Back home, Indian equity benchmarks gave a thumbs up to the Union Budget on Tuesday, ending the session on a positive note for the second straight session. There will be some reaction in power stocks as the power ministry data showed that India’s power consumption grew marginally at 2.6 per cent year-on-year in January to 112.67 billion units (BU), showing the impact of local restrictions imposed by states amid the third wave of COVID-19. Power consumption in the entire January last year was 109.76 BU, which was 4.4 per cent higher than 105.15 BU in January 2020.

On the technical front, the key resistance levels for Nifty50 are 17,850 followed by 18,000 and on the downside 15,000 followed by 17,350 can act as strong support. Key resistance and support levels for Bank Nifty are 39,000 and 38,000 respectively.
 

9:00 am: Technical View

On the technical front, Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd said that although it was not the big bang price action similar to budget day last year, today’s session concluded with decent gains over a percent well above the 17500 mark. Considering the 350 – 400 points intraday range, it was almost a non–event for markets.
 
"But no negative is also considered a positive and hence, we managed to close at a comfortable position almost near day’s high. If global peers support, we will not be surprised to see an extension of today’s rally in the coming session. As far as levels are concerned, 17,700 – 17,800 are the levels to watch out for and on the flipside, 17,400 followed by 17,250 now becomes key supports," he added.

"At present, the Index has support at 17,240 levels while resistance comes at 17,650 levels, crossing above the same can show 17,800-18,000 levels. On the other hand, Bank nifty has support at 37,600 levels while resistance at 39,000 levels," said Palak Kothari, Research Associate, Choice Broking.

8:45 am: Global Updates

The Dow Jones Industrial Average rose 273.38 points, or 0.78 percent, to 35,405.24, the S&P 500 gained 30.99 points, or 0.69 percent, to 4,546.54 and the Nasdaq Composite added 106.12 points, or 0.75 percent, to 14,346.

In Asia, the Nikkei Weighted index was up 1.55 per cent and Hang Seng was trading 1.07 per cent higher. Shanghai Composite was down 0.97 per cent.

8:40 am: Rupee slips 17 paise to close at 74.82

Investors were cautious after Finance Minister Nirmala Sitharaman said that the government will borrow about ₹11.6 lakh crore from the market to meet its expenditure requirement.

The rupee pared its initial gains and settled 17 paise lower at 74.82 (provisional) against the U.S. dollar on Tuesday on the back of higher-than-expected borrowing in the next financial year.

8:35 am: FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 21.79 crore on February 1, and domestic institutional investors (DIIs) bought shares worth Rs 1,597.70 crore, as per provisional data available on NSE.
 

8:30 am: SGX Nifty

The Indian equity market is likely to open on a positive note as SGX Nifty was up 95 points at 17,726 at 8:12 am.

Singapore Nifty (SGX Nifty) is the Indian Nifty index that is traded in the Singapore Stock Exchange and is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Tuesday

The Indian equity market closed in the green after Finance Minister Nirmala Sitharaman's fourth consecutive Budget speech. Positive global cues also helped the indices end higher for the second consecutive session. Sensex ended 848 points higher at 58,862 and Nifty rose 237 points to 17,576.

Tata Steel, Sun Pharma, IndusInd Bank and L&T were the top Sensex gainers, rising up to 7.57%.

M&M, PowerGrid, SBI, and Bharti Airtel were among the top Sensex losers, falling up to 1,67%.

Of 30 Sensex stocks, 23 ended higher.

Market cap of BSE-listed firms rose to Rs 267.45 lakh crore.

Market breadth was positive with 1,756 stocks ending higher against 1,591 stocks closing lower on BSE. 102 shares were unchanged.